Axis Bank has become the first financial institution in India to partner with Apple for the launch of Apple Pay. This development follows reports from January and February regarding Apple's ongoing negotiations with local card networks and banks to introduce the service in the country.
Apple intends to expand its list of banking partners in India over time, mirroring its strategy in other international markets. While the company is working to establish its payment presence, it remains under scrutiny from Indian regulators regarding its App Store policies and in-app payment systems.
The push into the Indian market aligns with the country's rapid adoption of digital payment solutions. According to the 2023 Global Digital Shopping Index, 55% of Indian consumers used a digital wallet for their most recent retail transaction, with usage rates reaching 65% for online purchases.
Despite the reports, both Apple and Axis Bank have declined to provide official comments on the partnership. The expansion efforts are part of a broader strategy by Apple to increase its business footprint in India as the local middle class continues to grow.
